Metaplanet Targets 210,000 BTC Treasury with $5.4 Billion Equity Raise

Metaplanet Inc., a Japanese investment firm turned Bitcoin treasury company, has launched a $5.4 billion equity raise to dramatically expand its Bitcoin reserves, an effort that could make it one of the largest corporate holders of the cryptocurrency globally.Trade Crypto on KrakenOn June 6, Metaplanet announced the issuance of 555 million shares via moving strike warrants, Japan’s equivalent of an at-the-market equity facility, as part of a ¥770.9 billion ($5.4 billion) fundraising effort. The allotment, dubbed the “555 Million Plan,” is structured to release shares incrementally over a 6–10 month period to avoid market disruption. EVO FUND will serve as the allottee, while Evolution Japan Securities acts as the arranger.Metaplanet has launched Asia’s largest-ever equity raise dedicated to Bitcoin:
🚀 ¥770.9 billion (~$5.4B) capital raise
📈 555 million shares via moving strike warrants
🥇 First in Japan: issued at a premium to market — enabled by Metaplanet’s high volatility and deep liquidity… pic.twitter.com/UlXHneyDzoThis equity raise represents the largest Bitcoin-dedicated public offering in Asia to date. It follows Metaplanet’s earlier “210 Million Plan,” which successfully raised ¥93.3 billion ($650 million) in just 60 trading days.With the new capital, Metaplanet is targeting the acquisition of 210,000 BTC by the end of 2027, which is 1% of Bitcoin’s total supply. This ambition marks a significant leap from its previous target of 21,000 BTC and positions the company to join the elite “1% club” of corporate holders.As of early June, Metaplanet holds 8,888 BTC, worth approximately $920 million. This includes a recent purchase of 1,088 BTC for ¥16.9 billion ($117.5 million), funded through a mix of non-dilutive debt and warrant-based equity instruments. The company reports a cost basis of ¥122.2 billion, or roughly $93,354 per BTC, resulting in unrealized gains of about $71 million.Metaplanet’s Bitcoin yield metric, a proprietary KPI measuring BTC accumulation per fully diluted share, has surged to 225.4% year-to-date. The firm is targeting a yield of 600% by year-end.In its latest investor materials, Metaplanet outlines plans to use a variety of capital instruments to meet its targets, including perpetual convertible securities, preferred shares, and ordinary bonds. The firm emphasizes that its aggressive accumulation strategy is designed to offer shareholders exposure to Bitcoin in a regulated, tax-advantaged framework via the Tokyo Stock Exchange, where Metaplanet is currently the most liquid equity by trading volume. The company stating:“Bitcoin is repricing the global cost of capital. Through our 555 Million Plan, we are doubling down on a high-conviction, equity-driven capital markets strategy.”Metaplanet’s bold initiative reflects a growing trend of public companies adopting Bitcoin as a treasury asset.Earlier this week, K Wave Media, a publicly traded entertainment firm focused on K-pop, announced a $500 million equity agreement to finance its own Bitcoin reserve strategy. The company plans to hold BTC long-term and integrate it across its content and merchandise platforms. It also intends to explore BTC yield strategies and Lightning Network infrastructure.Similarly, GameStop revealed it had purchased 4,710 BTC, marking its entry into the crypto treasury space. The acquisition, disclosed in a U.S. SEC filing, follows a $1.5 billion capital raise via convertible notes and aligns with GameStop’s broader balance sheet diversification plan. The move mimics the approach of Strategy (MSTR), which currently holds over 580,000 BTC.After securing approval from its board of directors in March, @gamestop $GME has now officially hopped on the #Bitcoin treasury train.

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